tv Street Signs CNBC August 31, 2012 2:00pm-3:00pm EDT
qunt tonight. >> excellent. >> meantime, that does it for this particular program. the end of "power lunch." >> the end of august, as well. have a great long holiday weekend, everybody. "street signs" begins right now. see you next week. go ahead, wall street. bill gross says the gunslinging fed chairman will make your day but will the magnum shoots blanks? we'll ask the bond king himself coming up. some say it was good. some bad. just plain ugly. clint's invisible chair moment distract from mitt romney's big moment and the road to the white house? to russia without love. billionaires in a bizarre battle royale. and hide your big gulps. ready to raid your cupboard, mandy. every which way and loose on this big friday show. >> big friday show, indeed.
how do the markets react to the bernanke speech? the dow up triple digits before the speech and lost most gains after and then up 150 and pared the gains. similar for the s&p 500 up as much as 1% at one point. at this point, though, it appears that all three major averages finish higher for month of august and lower for the second consecutive week. hope you understood all of that. let's get a man to understand it all for us. and make us much clearer on what bernanke was saying. i don't know if i'm particularly clear and whether the markets are particularly clear on what he was saying, bob. >> they were confused initially because traders are human beings. they look at the long speech saying what did he say about qe3 and wheres it? look for key words and comments and wasn't a lot there. there was a couple of key paragraphs made it clear we should not rule out further use of such policies if economic conditions warrant and buried. the initial reaction is sell,
sell. not here. when people looked at the speech, the bernanke put is clearly there and the markets kind of turns around. i want to show you some things moving because when you get beliefs and you have a belief in the bernanke put, dollar weakens, commodities, commodity stocks go up and seeing a push up in gold and silver and the etfs of gold and silver both very strong today and we're at near four-month highs in that one and point out that everybody trying to short the s&p after the nice little rally in week anticipating mr. bernanke to disappoint and he did a little bit but europe has been strong and the belief that europe's going to do something that's been strong and kind of messed with a lot of people's plans to sell off. these short s&p funds out there that were very active having very big volume again today and volume of people getting out, mandy. so a lot of dreams dashed. take a look at the month. s&p 500 up 1.25%. not a bad month going in to
september. >> not at all. the selfish central bankers, ruining everybody's weekend. i believe you have a special guest with you. >> i do. this is a first for cnbc and a very, very rare interview because invisible ben bernanke doesn't do a lot of interviews and pleased to not welcome him here today and you're very busy but i need to ask you, first off, what are your plans for interest rates? any quantitative easing on the horizon. where did you get that fabric? you know? he's -- i can't get anything out of invisible big ben, mandy. >> kick him a little bit. >> yeah. this chair is my toughest interview yet. all right. let's go from invisible big ben and trending on twitter i believe to bill gross of pimco. listen. we had a little fun with that. why not? okay? people are confused although you tweeted this after bernanke's speech. bernanke had to go out with guns
blazing or will. qe3 a near certainty. open ended but increasingly impotent. why do you believe that we'll see qe3? >> well, because your invisible guest told me so. >> what invisible clues did he leave? >> let me tell you about that. you know, our invisible guest is wearing a white hat, i think, but nonetheless, and perhaps you haven't been to jackson hole but they have a million dollar cowboy bar and i suspect to rename it the trillion dollar cowboy bar because that's what the fed's been doing for several years. anyway, to answer your question, you know, the statement, the last sentence bob pisani spoke to sentences and key sentences in the text but the last sentence basically said the fed will provide additional policy accommodation as needed to p promote for labor market conditions. and that's the key. what he wants to do and the fed
targeting in terms of qe as a sustained improvement in employment, lowering of unemployment. until you see several months, several quarters of, you know, perhaps 7% unemployment rates then you're going to see qe. >> when you say as needed, bill, is it really needed? i get the whole unemployment situation but is it going to relore unemployment and create jobs? >> i don't think so. we don't think so at pimco but ben bernanke and the fed probably think so. i mean, ever since 2003 and the helicopter speech, he's basically laid out the plan in terms of the potential policy actions, you know, that are required and, yes, he believe that is additional quantitative easing lead to higher asset prices and trickle down in terms of stronger economic growth. >> is it possible to quantify, for example, how many jobs created by the previous qes? >> no. he spoke to that in the speech
and spoke, as well, to the fact that in their estimate perhaps the 10-year treasury lowered by 100 basis points with tempts and therefore economic growth and mortgage creation has been stimulated but it's very hard to know that. but, you know, there's no doubt that the fed and other central banks believe that quantitative easing will assist economic growth and so our mantra is don't fight the fred but the consequences or lack of consequences going forward. >> bill, can the fed move the unemployment rate down? >> well, i think they have and they probably can, you know, another several notches. but ben bernanke and with his white hat, you know, basically suggested up to the fiscal authorities from this point forward. what does that mean? after november something has to be done in terms of fiscal cliff or something done in terms of improving the productivity of the country going forward and monetary policy reached a dead end. once you get to 0% in terms of
interest rate or 159 on the 10-year treasury not much left to stimulate. >> earlier this week we interviewed senator jim corker and suggested ending the dual mandate and drop the maximizing employment provision. do you agree with that? would the fed be more effect wif a single or open-ended mandate? >> i don't think that's fair. we haved that dual mandate for a number of decades and the dual mandate basically stresses inflation and stresses economic growth and therefore labor and to my point of view, you know, labor has come out on the short end of the stick for several decades and to abandon the mandate in terms of lowering unemployment is disingenuous to the labor market. >> let's talk timing here. when you tweeted out qe3, a near certainty, how near? when would you think that they're going to do something? >> i do think in two weeks and perhaps if we have a stronger employment report next friday,
perhaps another month, but i suspect and through reading the minutes, mandy, you know, of the august meeting that many governors are in favor of moving towards this sustainable economic growth objective. you know, as soon as possible. and so i'm not so sure the program is defined by how much or how long as it has been in the past or which assets to buy. i think it's open ended but i think, you know, that will allow the fed to move a few weeks from now in a fashion that pleases most of the governors. >> some point this multiact play in europe will come to a conclusion of some kind. bill, what is the ultimate end game in europe? >> well, the ultimate end game is to keep many countries alive and kicking. and at some point going forward to, you know, produce sustainable economic growth, as well, in that particular area. how's that done? well, it's done to some extent
with the easy money and some extent with preventing hair cuts in terms of assets, you know, whether it be from greece or spain or portugal. it's a kick the can strategy hoping that capitalism comes back not just in china or the united states but back to euro land. that's a difficult -- >> hope is a power strategy, isn't it? >> it is. hope is a fundamental element of capitalism to the extent that capitalists lose hope capitalism is in trouble. >> thank you and for following along. i don't know why i said jim corker. it's senator bob corker. that's him. >> there he is, bob, himself. on deck, playing the price is right if your portfolio. mitt romney making the case last night. before you decide whether or not to buy what he's selling we'll run a quick fact check on the
acceptance speech. the only speech anyone is talking about is clibt eastwood. was it good, bad or ugly? we're back with that. f your goa. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. between taking insulin and testing my blood sugar... is this part of your life? freestyle lite test strips? why, are they any... beep! wow, that hardly needs any blood! yeah... and the unique zipwik tab targets the blood and pulls it in. so easy. freestyle lite needs just a third the blood of onetouch ultra. really? yep, which is great for people who use insulin and test a lot.
we heard from bill gross following the fed. how should investors frame the portfolio wrapping up august and heading in to september which, by the way, since 1986, the worst month out of the year with an average loss of 1.5%. mark lasheni, scott, gentlemen, thank you for very much for joining us. mark traverse, did you hear what you wanted to hear as far as the markets are concerned? >> well, no, mandy, but i did give clint eastwood an academy award. the comment i can't do that myself i thought was a classic. i think ben bernanke? s in a tough spot. it's full employment and stable prices and senator corker trying to focus on one of the two, i mean, i don't really think it's helped, personally. maybe at the margin but we've got an economy that's growing less than 2% per annum and not
solving the unemployment problem. plus, we have saddled it with two dead weight losses in my opinion of obama care and dodd dodd-frank. we still look for when where there's -- >> like what? >> a discorrect of price and rtvelo. >> how do you cut through the noise and get the value waiting propositions? >> but, mandy, the noise creates the opportunity. the first one is fti consulting. it's a really interesting business. does forensic accounting, does corporate pr. a couple of things they're involved in with headlines were lehman brothers and bankruptcy. as well as pr for the bp oil spill. the company today is about 1.1 billion. trades for a low multiple of cash flow and you can buy all you want. today for 26 and we think the shares are worth 40.
>> mark, there's a dirty little rumor ak my notes you are warming up to the financial stocks. which ones and how come? >> well, how about that, brian? you know, the fact is this is the first time since 2008 we've waded in to the financial services sector with any vigor and moving quickly towards bringing it up to a market weight aechb the reason is primarily sturdier economic conditions in the united states and the focus of the sector is not so much in the investment banks or the universal banks, ie money centers but the regional banks who are gres domestic driven and residential real estate with it. so actually, one of the ways that we suggest investors consider a mechanism of tapping in to the space is pnc. fifth largest in the country by assets. and heavy real estate portfolio particularly through acquisitions of national city
and other institutions in florida. epicenter of the housing crisis and now beginning to recover. >> you mike energy, already this month in august i think that sector's up about 1.8% and seen a risk-on rotation in the sectors. going in to september, are valuations still good in that sector? >> mandy, we think they are. the energy space was exceedingly attractive to us for a couple of reasons. one, valuation. second is assuming we don't have a global collapse in economic activity, demand by emerging market countries is almost inelastic. we thought that the recent pullback in oil prices is temporary. we added to the positions and obviously with oil prices moving up we think is a highly profitable scenario for companies in the space. a name we like there, matches two themes. one, energy, as a long-term theme. conoco phillips and in addition to that, high income and ie
utilities and telecommunications and rather in energy, conoco phillips pays about a 4.6% yield. >> mark travis, to get political for a moment, because it is that season, if romney wins, should you dump anything, defense or government spending related? if they're serious about cutting costs, would you want to dump stocks exposed to the costs they say they're going to cut? >> brian, i hope not because we own some of them. >> that's why i'm asking! >> you know, i think some of them are particularly cheap. and that's what drives us from the bottom up is, again, a discount -- a disconnect of price and value. a company i'm thinking of right now is mantek. you know, so, i don't know. i think we obviously need more governmental revenue. the question is how to get that, higher rate on a few people or lower rate on more people and curtail a government that's
spending 24% of gdp. but, you know, again, i think there's opportunities out there despite the fact on the eve of september. going along with the prior speaker talking about energy. patterson uti is a company we have liked and owned. it's a rare opportunity to find a company that's a discounted cash flow valuation discount as well as an asset valuation discount. the shares are at 15. we think they're probably worth in the mid-20s. again, exceptionally cheep on a cash flow and pe basis and just to liquidate the 230 rigs. >> even closer the election of september 6th and mark, there was speculation that draghi not in wyoming because he was home polishing the big bazooka. do you think we get something of significance for next week and how do you set yourself up for that? >> i think we do and the market is at risk if we don't. much has been made of the fact
that the ecb in collaboration with the efsf is coming together for one-two punch of monetary and fiscal wraps around some type of solution to solve for the sovereign debt crisis and seeing spanish bond yields again today blowing out almost 6.9% and the market would react violently should we not get an announcement of the ecb and so i think we're going to hear something. i think at risk is not so much whether we get something from the ecb but rather that it's underwhelming and policymakers in europe notorious for doing that and remains i think a point of caution for investors leading up to it. the ties of doing something good and stay careful in case they don't. >> arguably, more help being built in to the september 6th meeting opposed to the one today. mark and mark, thank you for joining us. >> thank you. coming up next, the winningest active division i college football coach tells us what he thinks of the rather
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back to "street signs." i'm here seema mody here watching shares of walmart. reuters reporting that they're testing the iphone self checkout at the arkansas store. walmart iphone app allows shoppers to scan items while shopping, pay at the self checkout centers a fen that works out, seems like a pretty convenient deal, guys. >> thank you very much. first new york. now california needs to guard their big gulps. jumbo-sized sugary drinks could have a tax slapped on them in some cities. jane wells is in l.a. as she's stockpiling the big gulps. >> reporter: i know. it is not just big drinks here but any sugary drink. a tax on the drinks is two
purposes. reduce consumption or raise revenue. two california cities asking voters to approve the penny an ounce tax, both need money badly an higher obesity rates. the tax charged to businesses not consumers so businesses from walmart to 7-eleven to the barbershop with the vending machine in richmond will have to decide whether to pass the tax along. >> i don't think they're gong to help. they'll affect a lot of customers and small businesses like i have. >> so the fact that i have to go and spend more money on a soda costs me to raise up because i'm like i can't make the same amount of money if i'm sitting up here, you know, giving it to you for 75 cents and i'm paying a dollar on it. that's unfair. i'm losing and not gaining. >> reporter: richmond councilman a physician is spearheading the vote saying actor danny glover thrown in support. they confirm to us. he expects businesses will pass along the tax to consumers
saying some money is used for fitness and nutrition programs. >> oh, i think it will be pushed ahead to the consumers and decrease consumption and what we want. we expect to take in about $3 million a year. nobody's talking about how much does it cost us now for obesity-related problems and illness. >> reporter: the beverage industry says this is the last straw. and it's fighting back. it says the tax hits those least able to afford it and not one dime guaranteed to fight obesity. diet soda, water xemplt. this $1.80 double big gulp 64 cents more with regular coke. zero more for coke zero. guys? >> it's a litmus test, isn't it? jane, thank you very much. enjoy your big gulp. well, if you're prone to watching sports check out cnbc sports biz because tonight we have a very special guest.
talking with my team's college coach, virginia tech. most active division i wins, frank beamer. i sat down with coach beamer and asked him what he thinks of the new playoff format going in to effect in 2014. >> there's always going to be controversy. you know, there's controversy now about the third team so, you know, but i don't think there'll be as much about a fifth team as there would be about a third team. as long as people talking about college football, that's probably a good thing. >> and we're going to have much more with coach beamer and yankee slugger mark texiera. it's a different thing for me. digging it. i like sports and college football coach on. it's fun. >> it will be fun. >> i'm sure you'll be tuning in. >> yes, i will be. watching sports, yeah, all the way. >> uh-huh. coming up next, "street talk" time and navistar with a pop and herb says look before
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happy friday edition of "street talk" and of course we have got a very special guest when's back on the show. >> by the way, we wanted to for "street talk" invite back our friend and guest today big ben and sort of supervising. >> adjudicating. >> also tweeting at invisible big ben and steve liesman's dome tweeted out why are you talking to sully? you know what i mean. we haven't heard from the harriet on the fake twitter feeds. >> wall street continues to be anti-social towards facebook which is why it is our stock number one today. >> i put this up not for the stock but for the call. bank of america, merrill lynch, cutting the price target to 23 from 35. thanks a lot. they did keep the neutral rating
citing lock-up expirations and selling pressure to december and maybe december that will change a little bit. 35 to 23 when the stock's at now -- really? >> unbelievable. >> seeing five bucks upside to take something from the call. >> splunk getting a lift. >> it's a data and analytics firm that's more attention. ceo godfrey sullivan, no relation. they boosted the full-year guidance and said -- to be fair. i don't understand what they do. he said we're not taking business from anybody. we're creating a new market segment. that's what he thinks. >> that's what he thinks. >> market likes it today. >> no relation, right? >> no godfreys on my side. jaspers, jethros. >> and old mama sullivan. brakes on action sports retailer zumiez today. >> skateboard tees not what they
used to be. second quarter earnings fell 19%. costs rose. not now but the future. they issued weak guidance. down 9.5%. >> digital imaging, omnivision tech moving higher. >> a name herb talked about once or twice, waiting in the wings. a solid forecast with sales above estimates going forward. that stock up 31% year to date. doing well. >> doing well. metals distributor getting more aggressive today and wanted to show it to the viewers. >> provides the speed for the medieval times restaurants. that's not true. spiking after -- >> the coffin joust. >> it was terrible. all right. a poison pill anti-takeover defense. a private equity firm with a 6.1% stake and quietly in the company and spooked am castle's management and put the plan
poison pill and the stock at seven bucks at the beginning of the month. this's back here. look at the spike. we coup a proxy fight for am castle. >> as we all know, every castle has to have a ghost and spooking of the management. bring in herb now and talk about navistar. lots going on with navistar. this week, a leadership change and now what's the latest? >> it's taking an interesting pop today but kind of interesting because on very light volume or lighter than usual because of the day and the news last night that the company's going to be fine if it sells noncompliant epa noncompliant engines. >> what do you mean? >> listen. fined $3,700. up from $1,900 in the past. they love it because they were expecting a fine of $19,000. >> good news? >> bad but not as bad as feared? >> not as bad as feared.
the real question, though, on the noncompliant engines. is it a wash? be careful. wash or no wash, you have two other things to look out for. one is a possible lawsuit by mack and others just upset playing by the rules and a slap in the face to them. also, we're still going to have earnings pretty soon. watch the earnings. look at the cash burn. you want to really find out how's the company doing fundamentally and on a day like today, maybe more than it appears. >> but if they get their stuff together, right, and they don't have the lawsuits, the economy continues to grow. watch now. trucking is only been growing and you can't listen to radio without ads for truck drivers wanted. >> trucking as you know is facing headwinds right now. as an industry demand slowed down and they have got that going against them. >> okay. watch out for that. thank you, herb. >> what have you done with the chair? >> he's standing on ben bernanke? >> get away from me.
>> meantime, quietly dealing with a looming problem. reaching the limit. it is the scarcity solutions. >> over the last six decades, america's trillion dollar tech industry has been fueled by silicon's ability to continually increase computing power. scientists see that competing power reaching the limit. >> silicon will probably run out of steam maybe early 2020s, maybe mid-2020s. it's unclear. >> tech giants hunting far solution. the team at ibm outperformed silicon with carbon nanotubes in a chicken wire-like structure. >> we have single transiters better than silicon or any other material around. >> the technology is till in the infancy. as the slew of proposed silicon alternatives. >> none of the solutions so far are ready for prime time. it takes maybe ten years to
commercialize these technologies once they're finished. none of these technologies are even finished. >> reporter: and that means that the industry could be facing decades of flat growth until a solution is commercialized. >> the stakes are enormous. on one hand, silicon valley could become a rust belt, a trillion dollar industry stagnating but if there's breakthrough technology because people throw enough cash and brain power in to it, we could experience a second industrial revolution. >> okay. still ahead, fact checking mitt romney's speech and deconstructing clint eastwood's. next, the battle of russian billionaires. who won, the trial the intrigue revealed and a connection of a sports team. you won't want to miss this coming up. ♪ ♪ i can do anything ♪ i can do anything today
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close watch on today's rally as august draws to a close. plus, apple and google are reportedly in talks on a bunch of issues, including intellectual property. we have the latest on this possible truce between the two enemies. plus, with september just around the corner, how quickly will trading volume get back to its mojo and do to your investments? we'll look at what giants like best buy need to do to avoid extinction as consumers buy the goods online. you can hear it here behind me here. the traders are ready for the three-day weekend. we'll see you at the top of the hour. michele will be here with me. see you then, brian. >> putting in some hours this week. all right. meantime, two battling russian billionaires, a big loser. robert frank is here now with the story. >> this is one of the largest private lawsuits ever. and it pits two billionaires. now, if we look at this, it features tales of murder,
private jetts, yachts, all kinds of intrigue. now, at issue is a $6.5 billion claim of roman and abramovich owns the chelsea soccer team and the largest yacht in the world. the "eclipse" and eclipses all others. he said he was pressured to sell the stake in the oil company. the judge today ruled for abramovich and called them dishonest. he said he was shocked by the ruling and hasn't decided to appeal. what matters here is about the secret lives of the russian super rich and how they made their money. in the trial, abramovich said he paid millions for protection and a political godfather and paid for the palaces in france and jewelry for his girlfriend. also admitted that the aluminum
industry someone would get murdered every three days. now, to me, the big loser here is russian business and the brutal capitalism behind many of today's big fortunes. >> can we get back to the 536-foot yacht? >> sure, sure. maybe show it again. largest boat in the world and about to be eclipsed by one that's bigger. >> unbelievable. >> looks like a used cruise ship and convert it. >> yeah. >> here's the new boat, the caribbean of the saes, a carnival ship. somebody will do this. >> they will. when's interesting about this case. a word of meaning roof in russian or political protection. the judge didn't rule on that, said that this paying billions for protection is fine but what she was really ruling on is one word against another. fascinating the way russian business works these days. >> i'll rename that as moscow princess. >> there you go. >> the next trip. >> or an oxymoron. moscow courtroom. coming up next, boom-boom.
mitt romney and paul ryan take the gop convention message on the road but we hit the rewind button and fact check the speech from last night. it was clint eastwood's unconventional speech that had everybody talking today and maybe not in a good way. fair commentary of us the media not getting it? the crowd loved it. we'll debate it coming up. rader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. humans -- sometimes life trips us up. and sometimes,
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fresh off the nomination at the rnc, gop presidential candidate mitt romney heads to louisiana to survey the damage of hurricane isaac. last night, romney made his case in a prime time speech at the convention. eamon javers is here to fact check his speech. i'm sure like me you were on the couch with the popcorn and a glass and wine and started it from start to finish. >> reporter: i was in a chair here at the studio start to finish. mitt romney talked a couple of different times about taxes. starting with this point he made about tax cuts on the middle class. >> and let me make this very clear. unlike president obama, i will not raise taxes on the middle class of america.
>> reporter: but at least one analysis by the tax policy center found that romney's plans likely to lead to an effective tax increase of $500 per household for those earning less than $200,000 and then this comment about small business taxes. take a listen. >> his policies have not helped create jobs. they've depressed them. and this i can tell you about where president obama would take america. his plan to raise taxes on small business won't add jobs. it would eliminate them. >> reporter: now, what romney didn't mention here is 18 times that president obama has signed small business tax cuts in to law including the 3 examples. increase allowed for deductions and limb nations of $500,000 and elimination of 100% of capital gains on certain small business stock. now, what romney was likely referring to is the president's
plan to let the bush tax cuts expire. the republicans argue that that group includes a lot of small business people and those are the folks who will be taking it on the chin here if the president's plans move forward. so a lot to chew over here on the tax front, guys. >> get ready for next week, eamon. you are not done, sir. you have another convention apparently next week. >> reporter: we'll scrutinize obama and biden next week. i'm sure there will be lots of fun to be had doing that. >> and a good time was had by alls. thank you very much. speech everybody seems to be talking about today is clint eastwood's. most watched videos of the entire convention. take a listen. >> what do you want me to tell romney? i can't tell him to do that. can't do that to himself. you're absolutely crazy. >> that is the acting legend addressing an empty chair.
thus our invisible ben bernanke bit earlier and supposed to represent president obama. eastwood reportedly improvised the performance. david ross said, quote, i didn't realize when he was announced as a surprise speaker it's a surprise to him. matthew cooper tweeted like a wedding toast clutching your napkin not sure how it will end. blake shelton, i love clint eastwood. charlie daniels tweeted clint eastwood made my day. of course, invisible obama began tweeting last night. the account was shut down and now back and 48,000 followers. so did romney make the case or did the shenanigans overshadow the main event? let's bring bruce bartlett and rachel smoken. eamon i believe is out there somewhere.
>> i'm here. >> thank you all for joining us. rachel, clint eastwood, do you think this was a little weird or brilliant? >> the takeaway here is that sometimes teleprompters are a good thing and sometime that sometimes teleprompters are a good thing. this was a jarring moment. really a stunning moment, and it's all the talk today. any time you have the nominee come out, and it was machinery's big night, but all the talk today is of clint eastwood. >> the case was to get the -- clearly the cloud in the room loved it, but on television, watching this play out was surreal. he said paging salvador dolly on this and that's the message you hear every day. >> let's get to romney, i'm not
sure the salvador dolly thing is going over well. most people watched and said what's this and they watched and that's the point. romney, did he hit it, did he lure the unsort of committed voter to the gop camp with his speech last night? >> i didn't hear anything that sounded to me like i, as an independent voter would change my mind and become more favorable to him. i heard very little about substance, a lot of just empty rhetoric, and i just didn't hear anything that interested me as inindepend voter. >> you said that's why you will be saying home on u.s. election day. so it sounds like you were not swayed or moved by mitt romney's speech, but you're not moved by
obama either. >> unfortunately for me, do you want four more years like the last four of george bush's administration which is what john mccain mccain promised and voters rejected. >> rachel, what do you think that mitt romney has to do in the next few weeks to win over those voters? >> mitt romney has a hard case to make. he made part one very well last night, explaining to voters why president obama in his view has failed. talked about the disappointment saying i want america to succeed. he has to focus on part two which is what would he do to governor. the speech was very short on specifics and policy and he has to really make that case to the american people.
amon, it's a good stoichgs be in, they can spin off of the rnc -- what do you think they have to work with now? >> it always helps to bat clean up. that's why this thing with client eastwood was a missed opportunity. i have never seen a speaker at the national convention go off the rails like that. it's a moment when you're just looking at it saying oh my goodness, i can't believe this is happening. but what was a opportunity for republicans to go after those voters. here is their opportunity to reach out to independents and they had a weird awkward moment that was not their best foot forward. maybe some of those people from bain that were colleagues would have been a better use of that time. >> listen, i love you man, i love you, but i have to completely disagree with you.
you, and i, and rachel are in dc, new york, and the northeast. judging clint eastwood, trying to say what america thought of this speech. you have travelled all over the country. guy to wisconsin every summer, my parents are in virginia. i guarantee you more people liked the speech than disliked it. the media is making fun of it because we live in a bubble. >> i totally agree that new york and dc are not america. it is not representative of all voters, but if you're going by maybe this thing is burning up on twitter and the internet, but it was a failed opportunity to convince independent not already convinced voters to come on board, maybe those who voted for barack obama in 2008, they like
him in the polls, that was what they probably wanted to do at that time and that's what i don't think they did. that was preaching to the choir. >> are these conventions worth it? do they sway enough undersided people? is it really worth it? >> i cording to a poll out this morning, 25% of people are swayblsway ab able, and mitt romney was supposed to be the bride, but the convention is focused on the bride's maids. and the ratings for this convention are down substantially. >> worth noting as well. thank you for joining us today. >> coming up next, a very special sign of the times 13 years in the making. we create easy-to-use, powerful trading tools for all.
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viewers have seen what you've done here in countless ways. what you've done, you built "street signs" up, i'm still kind of new on the program, but it's been an honor and privilege working with you. >> time out. >> niceties out of the way, here are the sandyisms. concern for marge at home. >> you want to jam in one more story. just button in, and we'll always remember that when talking about success, it's a marathon, not a sprint. >> we wish you a very happy time at you job. >> can we get a tear for television, man?